Required information (The following information applies to the questions displayed below.) Walton Company began operations on January 1, year 1, by issuing common stock for $39,000 cash. During year 1, Walton received $70,000 cash from revenue and incurred costs that required $50,000 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Walton Company for year 1, for the below scenario: a. Walton is a promoter of rock concerts. The $50,000 was paid to provide a rock concert that produced the revenue, Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Required information Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. WALTON COMPANY Income Statement for Year 1 Income Statement Balance Sheet Prepare a Balance Sheet. WALTON COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets Equity Total equity